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LiRa [457]
3 years ago
6

Replacing a good with a similar good because of a change in prices is an example of the:

Social Studies
2 answers:
klemol [59]3 years ago
5 0
Substitution effect is the answer
LiRa [457]3 years ago
4 0

The substitution effect is the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly alternatives. (investopedia.com definition)

The answer is the substitution effect.

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